Proven Tips to Prepare Your First Home Buyer Checklist

What Actually Belongs on Your First Home Buyer Checklist

A first home buyer checklist is a working document that keeps your application organised and prevents avoidable delays. Start with three categories: financial proof, identity verification, and property research. Each category contains specific documents and tasks that your lender will assess before issuing pre-approval.

Financial proof includes three months of payslips, two years of tax returns if you're self-employed, and statements for every account you hold showing at least 90 days of transaction history. Identity verification requires a current driver's licence or passport plus a Medicare card or birth certificate. Property research means understanding the price range you're targeting, knowing which government concessions apply in your situation, and confirming your deposit source meets lender requirements for genuine savings or acceptable gifts.

Consider a buyer in Pimpama targeting an established property around the current median. They've saved $45,000 over 18 months through regular transfers from their pay into a dedicated account. That deposit qualifies as genuine savings. Their checklist includes statements showing those regular deposits, payslips confirming income stability, and a clear understanding that Queensland's stamp duty concession applies up to $700,000 for established homes, with a sliding scale to $800,000. They know the First Home Owner Grant doesn't apply because it's reserved for new builds, but the duty concession alone will save them approximately $18,000 if they purchase within the concession bracket.

How Pre-Approval Fits Into Your Checklist

Pre-approval confirms how much a lender will lend you before you start inspecting properties. It requires the same documents you'll need at formal application, which is why your checklist should be pre-approval focused from the outset. A conditional pre-approval is typically valid for 90 days and gives you a clear price ceiling when attending open homes.

The application reviews your income, existing debts, living expenses, and deposit. Lenders apply serviceability buffers, typically adding 3% to the current variable rate to confirm you can still afford repayments if rates rise. If you're using the Australian Government 5% Deposit Scheme, the lender will verify your eligibility as part of the pre-approval process. In Queensland, the property price cap under that scheme is $1,000,000 for Brisbane and surrounding growth corridors including Pimpama. No income caps apply under the updated scheme that took effect in October last year.

Once pre-approved, you can attend auctions or make offers knowing your borrowing limit is confirmed. That certainty prevents wasted weekends inspecting properties outside your range and signals to vendors that you're a credible buyer.

The Deposit Question: What Counts and What Doesn't

Genuine savings are funds you've accumulated over at least three months through regular deposits into an account you control. Lenders want to see a pattern of saving behaviour, not a sudden lump sum that appears without explanation. Acceptable sources include salary deposits, term deposits, and shares or managed funds held in your name.

Gifts from immediate family are accepted by most lenders if accompanied by a signed statutory declaration confirming the funds are a gift, not a loan. The declaration must state that the donor has no interest in the property and doesn't expect repayment. If your deposit includes a gift, add the declaration template to your checklist and have it signed before you apply.

Funds from a redraw facility, personal loan, or credit card advance don't qualify as genuine savings. A tax refund may be acceptable if it's been in your account for at least three months before application. If you're relying on the First Home Super Saver Scheme, you'll need to apply for the release of those funds through the Australian Taxation Office and allow up to 25 business days for processing. That timing belongs on your checklist if this applies to you.

Government Schemes That Change What You Need

Queensland offers two direct benefits: the First Home Owner Grant and the stamp duty concession. The grant is $15,000 for new homes valued under $750,000 where the contract was signed from 1 July this year. It dropped from $30,000, which applied to contracts signed before that date. The grant doesn't apply to established homes, so if you're buying an existing house in Pimpama, don't factor it into your budget.

The stamp duty concession is more widely applicable. Full exemption applies to established homes up to $700,000, with a partial concession available up to $800,000. For new builds, a full concession applies with no price cap on residential land. That makes a new house and land package in Pimpama particularly attractive from a duty perspective, especially if the estate is still releasing lots at competitive prices.

The Australian Government 5% Deposit Scheme allows you to purchase with a 5% deposit and no lenders mortgage insurance. You apply through a participating lender, not directly through Housing Australia. The scheme operates on a first-come basis within each lender's allocation, so timing matters. If you're planning to use this scheme, your checklist should include a conversation with a broker who works across multiple participating lenders to confirm current availability and which lender offers the most suitable home loan options for your situation.

Fixed or Variable: What to Consider Before You Apply

You don't need to lock in a rate type at pre-approval, but you should understand the differences before settlement. A fixed rate holds your repayment steady for a set period, typically one to five years. A variable rate moves with the market and usually offers features like an offset account or unlimited additional repayments.

Many buyers in growth areas like Pimpama split their loan, fixing a portion for repayment certainty and leaving the rest variable for flexibility. That structure allows you to use an offset account against the variable portion while still holding a portion of your debt at a known rate. If rates fall, the variable portion benefits immediately. If rates rise, the fixed portion protects you.

Your checklist should include a discussion about rate structure once you have pre-approval, not before. Locking in a rate too early can lead to break costs if your settlement is delayed. Waiting until you have a signed contract and confirmed settlement date gives you a clearer picture of market conditions at the time you'll actually draw down the loan.

What Happens Between Pre-Approval and Settlement

Once your offer is accepted, the lender conducts a formal valuation to confirm the property's worth aligns with your purchase price. If the valuation comes in lower than the contract price, you'll need to cover the shortfall or renegotiate. That's rare in a stable or rising market but worth understanding.

The lender will also request updated payslips and statements to confirm nothing has changed since pre-approval. Avoid applying for new credit, changing jobs, or making large unexplained deposits during this period. Any material change can delay settlement or, in some cases, result in the lender withdrawing the offer.

Your solicitor or conveyancer will handle the contract review, searches, and settlement coordination. Their role is separate from your lender, but the two need to communicate on key dates. Add a line to your checklist to confirm your conveyancer has the lender's details and vice versa. Miscommunication between these parties is one of the most common causes of settlement delays.

Building Your Checklist Around What Your Lender Will Actually Ask For

Lenders assess your application against responsible lending obligations, which means they'll ask for proof of every claim you make. If you've listed rental income from a boarder, expect to provide a signed lease or statutory declaration. If you've noted that a car loan will be paid out before settlement, they'll want written confirmation from the financier.

Your checklist should include a line item for every debt you currently hold, even if the balance is small. That includes credit cards, buy now pay later accounts, personal loans, and any outstanding HECS or HELP debt. Lenders access your credit file, so omitting a debt doesn't make it disappear. It just creates doubt about whether you've been transparent.

In our experience, buyers who provide complete information upfront and flag anything unusual at the start of the process move through home loan applications faster and with fewer follow-up requests than those who wait for the lender to uncover discrepancies.

Call one of our team or book an appointment at a time that works for you.

Frequently Asked Questions